New share issue in Pan Fish ASA (NO) — NOK 695 million

Carnegie acted as joint-lead manager in the private placement of NOK 695 million in Pan Fish ASA (120 million new shares). The purpose of the share issue was to fund the purchase of ~84 million shares in Fjord Seafood, the world’s 4th largest aquaculture company, bringing Pan Fish’s ownership in Fjord to 39.97 per cent. Pan Fish, which is listed on the Oslo Stock Exchange, is now the undisputed global leader within the aquaculture industry with an estimated harvest volume of ~350,000 tonnes in 2006.March, 2006.